Online Premium Payment 212 views June 25, 2021

Max Life Insurance Premium Payment

Max Life provides you a wide range of options through which you can pay the life insurance premium on the due date. Both online and offline premium payment options are available for you. Choose the one that you feel comfortable with to pay the premium. Read this page further and know more about the Max Life Insurance Premium Payment Services.

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Max Life Insurance Online Premium Payment

You can pay your premium in two minutes by following the steps shown below:

  1. Visit the official website of Max Life Insurance 
  2. Log in to your account using your user ID and password
  3. Select your preferred payment gateway (Choose from credit cards, EMI on the card, Net Banking, debit cards, e-wallets/cash cards and UPI)
  4. Fill in the information and make payment online

Max Life Insurance Direct Debit Service

If your bank branch does not fall under ECS-enabled locations approved by RBI (Reserve Bank of India), you can opt for the direct debit facility. This facility is available to the partnered banks only. To allow the premium due amount to be debited directly from your bank account on the date chosen by you, you need to submit a duly filled ECS Mandate Form along with a cancelled cheque to the insurer at least 30 days before your next premium due date.

You can send the ECS documents to:

  1. Any of the Max Life branch offices
  2. Your advisor appointed by Max Life Insurance
  3. The following address: Mandate Desk, Max Life Insurance Company, Operations Center,3rd Floor, 90 A Sector 18, Udyog Vihar, Gurugram-122015

The auto-debit facility is also available to your credit card (VISA/MasterCard). For online credit card registration, INR 2 will be deducted from your account and the same will be refunded later. Once your credit card is registered for an auto-debit facility, you’ll receive an email/SMS confirmation on your registered email ID/mobile number.

What If You Miss Your Max Life Insurance Premium Payment?

In case you miss your Max Life Insurance Premium Payment, you will get a grace period up to 30 days or 15 days (monthly mode). During the grace period, you can pay your premium without any late payment charges. If you don’t pay your premium even during the grace period, your policy will lapse and you cannot claim any benefits. However, you can revive your policy during the stipulated time period from the first due date by paying all your overdue premiums plus the late payment charges.

Once the policy is lapsed, it can be revived within five years from the due date of the first unpaid premium or before the end of the policy term, whichever is earlier. The insurer may charge a late payment fee that you could see below.

Number of Days Between Lapse & RevivalLate Payment Charge
0-60NIL
61-180RBI Bank Rate + 1% per annum compounded annually on due premiums
More than 180RBI Bank Rate + 3% per annum compounded annually on due premiums

You need to produce evidence of insurability at your own cost. The revival of the policy shall take effect only if it is approved by Max Life Insurance based on the board-approved underwriting policy and the same shall be communicated to you in writing. Once the policy is revived, all benefits will get reinstated to their original levels.

Whereas, if a lapsed policy is not revived within five years or before the end of the policy term, the policy shall be terminated and no value is payable to you.

Note: If your policy has acquired a Surrender Value, the policy shall not lapse on non-payment of premium.

What are the Advantages of Regular Premium Payment?

If you pay your Max Life Insurance Premium without any due, you’ll be entitled to the following benefits:

  1. Uninterrupted policy benefits
  2. Tax benefits on your premiums as per the applicable tax laws

Max Life Insurance Premium Payment Modal Factor

A modal factor converts your annual premiums to smaller and more frequent payments. Let’s check out the Max Life Insurance Premium Payment Modal Factor.

Premium ModeModal Factor
Yearly1
Half-Yearly0.513
Quarterly0.261
Monthly88

You can change your premium payment mode anytime during the premium payment term. So if there is any change in the premium payment mode, the same shall be effective from or coinciding with the next premium due date as per the new premium payment mode selected by you.

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